{"id":549256,"date":"2023-08-29T11:00:07","date_gmt":"2023-08-29T11:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=549256"},"modified":"2024-06-11T08:15:52","modified_gmt":"2024-06-11T08:15:52","slug":"bitcoin-fall-to-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-fall-to-10000\/","title":{"rendered":"Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\u2019t Bad For Bitcoin"},"content":{"rendered":"

Since the price of Bitcoin fell below $30,000, numerous forecasts have been made on the currency’s potential future price outlook of the asset. As the biggest cryptocurrency in the world, Bitcoin has amassed price headlines, some of which are optimistic while others are pessimistic.\u00a0<\/span><\/p>\n

However, a question that lingers is whether another crash is really the end of the world for Bitcoin. In such an event, Mike McGlone, a senior analyst at Bloomberg, believes that even a decrease in price to $10,000 would not be bad for Bitcoin.<\/span><\/p>\n

Bitcoin Still Outperforming The Stock Market<\/h2>\n

A fall in Bitcoin to $10,000 would definitely lead to a chain of events in other cryptocurrencies, as most of the general market sentiment relies on Bitcoin. While many short-term holders and some long-term holders may panic sell, the long-term outlook is still bullish.\u00a0<\/span><\/p>\n

Related Reading: JP Morgan Explains Why Bitcoin Price May Not Fall Further<\/a><\/div>\n

Market analyst Mike McGlone puts the Bitcoin performance in comparison with the stock market, and the Amazon stock in particular. He points out that even with a 50% drop in its current price, BTC would still be outperforming Amazon stock.<\/span><\/p>\n

Amazon has had <\/span>one of the best growth<\/span><\/a> in terms of stock price in 20 years. Over the past 20 years, Amazon shares have generated a total return of over 7,000%. However, this is small when compared to how much BTC has grown since its launch in 2009 since the asset is up 26,000x since it first traded for $1 in 2011.\u00a0<\/span><\/p>\n

\u201cBitcoin compares with 130% for Amazon on a similar measure, but that took about 25 years. Heading back towards $10,000 would still maintain Bitcoin\u2019s unprecedented performance,\u201d he said.\u00a0<\/span><\/p>\n

\n

‘It Went Up, So Will Keep Going Up’ Risks in Bitcoin –
\nThe lessons of high-performing, widely hyped assets show price reversion may be the greater risk once the masses jump on board. #Bitcoin<\/a> at about $26,000 on Aug. 28 is slightly below the end of 2020, similar to\u2026 pic.twitter.com\/3UdAbpLNLe<\/a><\/p>\n

\u2014 Mike McGlone (@mikemcglone11) August 28, 2023<\/a><\/p><\/blockquote>\n

Bitcoin is known for wild price swings since digital currencies are emerging assets, and volatility comes with the territory. With a current market cap of $506 billion, BTC has a 48.3% <\/span>dominance in the crypto market<\/span><\/a>.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price fails to reclaim $26,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
What\u2019s Next For BTC?<\/h2>\n
Bitcoin is currently trading at $26,000 after the cryptocurrency climbed over $30,000 earlier this year but fears have pushed the price back down to its current level. At its current levels, however, BTC is up more than 30.75% from the same period last year, showing a better price sentiment than in 2022.<\/span><\/p>\n
While BTC could definitely fall further below $26,000, a fall toward $10,000 is highly unlikely as many things would have to go wrong for BTC to reach $10,000.<\/span><\/p>\n
BTC is also gaining more mainstream traction from institutions, especially with <\/span>current spot Bitcoin ETF filings<\/span><\/a>. As a result, there is a greater possibility of Bitcoin’s price increasing than decreasing in the coming months.\u00a0<\/span><\/p>\n
Related Reading: Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market<\/a><\/div>\n
This is not the first time $10,000 price predictions have come in regarding BTC. Late last year, Mark Mobius, founder of Mobius Capital <\/span>predicted Bitcoin might drop<\/span><\/a> to $10,000 in the short term.\u00a0<\/span><\/p>\n
On the other hand, there have been some optimistic forecasts made recently. Tom Fundstrat, one of the co-founders of Fundstrat, <\/span>believes the price of BTC could reach $150,000<\/span><\/a> or maybe even further by the end of next year.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Since the price of Bitcoin fell below $30,000, numerous forecasts have been made on the currency’s potential future price outlook of the asset. As the biggest cryptocurrency in the world, Bitcoin has amassed price headlines, some of which are optimistic while others are pessimistic.\u00a0 However, a question that lingers is whether another crash is really the end of the world for Bitcoin. In such an event, Mike McGlone, a senior analyst at Bloomberg, believes that even a decrease in price to $10,000 would not be bad for Bitcoin. Bitcoin Still Outperforming The Stock Market A fall in Bitcoin to $10,000 would definitely lead to a chain of events in other cryptocurrencies, as most of the general market sentiment relies on Bitcoin. While many short-term holders and some long-term holders may panic sell, the long-term outlook is still bullish.\u00a0 Related Reading: JP Morgan Explains Why Bitcoin Price May Not Fall Further Market analyst Mike McGlone puts the Bitcoin performance in comparison with the stock market, and the Amazon stock in particular. He points out that even with a 50% drop in its current price, BTC would still be outperforming Amazon stock. Amazon has had one of the best growth in terms of stock price in 20 years. Over the past 20 years, Amazon shares have generated a total return of over 7,000%. However, this is small when compared to how much BTC has grown since its launch in 2009 since the asset is up 26,000x since it first traded for $1 in 2011.\u00a0 \u201cBitcoin compares with 130% for Amazon on a similar measure, but that took about 25 years. Heading back towards $10,000 would still maintain Bitcoin\u2019s unprecedented performance,\u201d he said.\u00a0 ‘It Went Up, So Will Keep Going Up’ Risks in Bitcoin – The lessons of high-performing, widely hyped assets show price reversion may be the greater risk once the masses jump on board. #Bitcoin at about $26,000 on Aug. 28 is slightly below the end of 2020, similar to\u2026 pic.twitter.com\/3UdAbpLNLe \u2014 Mike McGlone (@mikemcglone11) August 28, 2023 Bitcoin is known for wild price swings since digital currencies are emerging assets, and volatility comes with the territory. With a current market cap of $506 billion, BTC has a 48.3% dominance in the crypto market. BTC price fails to reclaim $26,000 | Source: BTCUSD on Tradingview.com What\u2019s Next For BTC? Bitcoin is currently trading at $26,000 after the cryptocurrency climbed over $30,000 earlier this year but fears have pushed the price back down to its current level. At its current levels, however, BTC is up more than 30.75% from the same period last year, showing a better price sentiment than in 2022. While BTC could definitely fall further below $26,000, a fall toward $10,000 is highly unlikely as many things would have to go wrong for BTC to reach $10,000. BTC is also gaining more mainstream traction from institutions, especially with current spot Bitcoin ETF filings. As a result, there is a greater possibility of Bitcoin’s price increasing than decreasing in the coming months.\u00a0 Related Reading: Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market This is not the first time $10,000 price predictions have come in regarding BTC. Late last year, Mark Mobius, founder of Mobius Capital predicted Bitcoin might drop to $10,000 in the short term.\u00a0 On the other hand, there have been some optimistic forecasts made recently. Tom Fundstrat, one of the co-founders of Fundstrat, believes the price of BTC could reach $150,000 or maybe even further by the end of next year. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,83971,1119,78790],"class_list":["post-549256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bloomberg-analyst","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\u2019t Bad For Bitcoin<\/title>\n<meta name=\"description\" content=\"Bitcoin has amassed price headlines, some of which are optimistic while others are pessimistic toward its future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\u2019t Bad For Bitcoin","url":"http:\/\/wncen.com\/news\/bitcoin-fall-to-10000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-fall-to-10000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-922574962-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-922574962-1.jpg?fit=2150%2C1395"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bloomberg analyst","btc","btcusdt"],"dateCreated":"2023-08-29T11:00:07Z","datePublished":"2023-08-29T11:00:07Z","dateModified":"2024-06-11T08:15:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn\\u2019t Bad For Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fall-to-10000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-fall-to-10000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-922574962-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-922574962-1.jpg?fit=2150%2C1395\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bloomberg analyst\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-29T11:00:07Z\",\"datePublished\":\"2023-08-29T11:00:07Z\",\"dateModified\":\"2024-06-11T08:15:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-922574962-1.jpg?fit=2150%2C1395","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549256"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549256"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549260"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}